However, there are certainly smaller potential acquisition targets left. One of these is Galapagos (GLPG), currently valued just below $5B. Last year Gilead had already paid more than $700M for Filgotinib split into a license payment of $300M and an equity investment of $425M raising Gilead's share to 14.71%. At the end of 2017 the lock-up period to buy or sell shares ends and Gilead could start to increase its stake further or acquire it in total.

Assuming Gilead doubles its stake in Galapagos by paying around $1B which would bring it above the critical 25% ownership threshold, total liquidity would still be in the mid-to-high $25B range. In the last earnings call CEO John C. Milligan mentioned the following:

So we have been very, very active, as we always are. We have beefed up our groups, as you're aware, so that we can evaluate more different kinds of opportunities. And so we are working very hard behind the scenes here on a number of things, but I certainly can't direct you to anything specific, other than to say that we're very, very active. And when the things are right for us, we'll announce them. That's all I can say.

However, there are certainly smaller potential acquisition targets left. One of these is Galapagos (GLPG), currently valued just below $5B. Last year Gilead had already paid more than $700M for Filgotinib split into a license payment of $300M and an equity investment of $425M raising Gilead's share to 14.71%. At the end of 2017 the lock-up period to buy or sell shares ends and Gilead could start to increase its stake further or acquire it in total.

Assuming Gilead doubles its stake in Galapagos by paying around $1B which would bring it above the critical 25% ownership threshold, total liquidity would still be in the mid-to-high $25B range. In the last earnings call CEO John C. Milligan mentioned the following:

So we have been very, very active, as we always are. We have beefed up our groups, as you're aware, so that we can evaluate more different kinds of opportunities. And so we are working very hard behind the scenes here on a number of things, but I certainly can't direct you to anything specific, other than to say that we're very, very active. And when the things are right for us, we'll announce them. That's all I can say.

However, there are certainly smaller potential acquisition targets left. One of these is Galapagos (GLPG), currently valued just below $5B. Last year Gilead had already paid more than $700M for Filgotinib split into a license payment of $300M and an equity investment of $425M raising Gilead's share to 14.71%. At the end of 2017 the lock-up period to buy or sell shares ends and Gilead could start to increase its stake further or acquire it in total.

Assuming Gilead doubles its stake in Galapagos by paying around $1B which would bring it above the critical 25% ownership threshold, total liquidity would still be in the mid-to-high $25B range. In the last earnings call CEO John C. Milligan mentioned the following:

So we have been very, very active, as we always are. We have beefed up our groups, as you're aware, so that we can evaluate more different kinds of opportunities. And so we are working very hard behind the scenes here on a number of things, but I certainly can't direct you to anything specific, other than to say that we're very, very active. And when the things are right for us, we'll announce them. That's all I can say.